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eXp World (EXPI) investor relations material

eXp World Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Q3 2025 revenue grew 7% year-over-year to $1.32 billion, driven by improved agent productivity, retention, and international expansion.

  • Net income from continuing operations was $3.5 million, reversing a loss in the prior year.

  • Adjusted EBITDA was $17.7 million, down 26% year-over-year, reflecting margin pressures and higher agent commissions.

  • International segment revenue exceeded $100 million year-to-date, with 68% year-over-year growth and expansion into five new countries.

  • The company focused on agent-centric growth, technology investment, and operational efficiency, including AI-driven cost reductions.

Financial highlights

  • Q3 2025 revenue was $1.32 billion, up 7% year-over-year; net income was $3.5 million, or $0.02 per diluted share.

  • Adjusted EBITDA for Q3 2025 was $17.7 million; cash and equivalents at quarter-end were $112.8 million.

  • Gross margin for Q3 2025 was 6.5%, down 57 basis points year-over-year; non-GAAP gross margin was 10.9%.

  • Real estate sales volume reached $54.1 billion, up 7% year-over-year; sales transactions increased 3% to 121,516.

  • Net cash provided by operating activities for the nine months ended September 30, 2025, was $104.8 million.

Outlook and guidance

  • Management expects continued market challenges from high interest rates and affordability but remains focused on agent growth, technology innovation, and disciplined international expansion.

  • Plans include expanding affiliate programs, strengthening agent support, and targeting 50,000 international agents in 50 countries by 2030.

  • Board declared a Q4 2025 dividend of $0.05 per share, payable December 1, 2025.

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Frequently asked questions

eXp World Holdings, Inc., engages in the provision of cloud-based real estate brokerage services. The Company offers a cloud-based real estate platform called eXp Realty. The Company provides other services to its agents and customers, such as virtual office, real estate websites, and virtual tour tools. It is also the parent company of VirBELA, which offers cloud campus software solutions to support business and learning needs.

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